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Logitech to buy video conferencing company LifeSize Communications for $405 million
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FREMONT, Calif. - Logitech International SA, a maker of mice, webcams and other computer peripherals, said Tuesday it agreed to buy video conferencing company LifeSize Communications for $405 million.
LifeSize, based in Austin, Texas, provides high-definition video conferencing products to its more than 9,000 customers.
"We expect this acquisition to enable Logitech to extend our leadership in video communication beyond the desktop," said Gerald P. Quindlen, Logitech president and CEO, in a statement.
With LifeSize, Logitech wants to make "lifelike" video communication "as mainstream and seamless as a telephone," he added.
Switzerland-based Logitech plans to operate LifeSize as a separate division in Austin.
LifeSize expects about $90 million in 2009 revenue, with 2010 revenue expected to grow between 40 percent and 60 percent.
The deal is expected to close in December.
Shares of Logitech slid 3 cents to $18.04 in after-hours trading following the acquisition announcement. In the regular session, the stock lost 2 cents to close at $18.07.
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